How do I get this bright colored yet plastic like reflective material
Use the Principled BSDF shader.

Play with the Roughness  and Specular settings.

Low roughness will make the surface "shinier" "mirror like", sharp or blurry reflections.

The specular control Specifies facing (along normal) reflectivity. In other  determine how the reflected lights seem to "expand" or "spread" on the surface, so that highlights will be reflected as large surfaces or dots or points.

Note that when it comes to reflective surfaces the shader doesn't do all the job, the type of lights and their placement on the scene need to be thought out as well.

Related reading: Why does an object with a glossy shader render in black?